Eligible Borrowers: Non-profit organizations, for-profit housing developers, partnerships, local government agencies and individuals are eligible for these loans.
Eligible Projects: Community redevelopment and revitalization projects, which offer a clear public benefit.
Eligible Transactions: Permanent loans for acquisition, preservation, post-construction, and/or post-rehabilitation.
Security: First mortgage against land and improvements. Assignment of leases, rents and other appropriate collateral required. Other recorded agreements or restrictions must be subordinated.
More: Community Development loans have a maximum term of up to 25 years. There is a $500 application fee, which is non-refundable and due upon submission of the application. Commitment, loan, appraisal, and legal fees are paid by the borrower.